Kansas City-based CST Industries Inc. filed for chapter 11 protection to rightsize its balance sheet and potentially identify a new partner, the Kansas City Business Journal reported yesterday. Founded in 1893, CST Industries (originally known as Columbian Steel Tank) is the largest manufacturer of steel tanks and covers in the world, with clients in agriculture, industrial liquids, oil and gas, water and wastewater, bioenergy and other markets. More than 350,000 of its tanks and 18,000 covers have been installed in 125 countries around the globe. Beset with overwhelming debt, the company decided to file for bankruptcy to give it an opportunity to once again thrive. The company listed between $100 million and $500 million in assets and liabilities. Overall, the company listed 4,783 creditors around the globe.
